Tag: versus

The Australian dollar and New Zealand dollar edged lower versus the dollar in early Asian trade, falling 0.2 percent and 0.1 percent, respectively. “Given the support we had seen in commodity currencies, it is reasonable to see profit booking. The dollar fell 1.5 percent versus the offshore yuan last week, its steepest weekly decline since January 2017 as investors’ fears of a sharp slowdown in the world’s second largest economy somewhat abated. Data on Friday showed that U.S. consumer prices in

The dollar rose against most of its peers on Monday, although heightened investor expectations that the Federal Reserve will not raise rates this year are most likely to cap the greenback’s gains.

The Australian dollar and New Zealand dollar edged lower versus the dollar in early Asian trade, falling 0.2 percent and 0.1 percent, respectively.

Both currencies had gained around 1.5 percent versus the dollar last week as risk sentiment improved on hopes for both a U.S.-Sino trade deal and more aggressive stimulus from Chinese policymakers to support its ailing economy.

“Given the support we had seen in commodity currencies, it is reasonable to see profit booking. I expect the uptrend to resume soon,” said Michael McCarthy, chief markets strategist at CMC Markets.

The dollar fell 1.5 percent versus the offshore yuan last week, its steepest weekly decline since January 2017 as investors’ fears of a sharp slowdown in the world’s second largest economy somewhat abated.

“I expect the yuan to appreciate further. Markets had overestimated the degree of slowdown in China,” added McCarthy.

The dollar index was at 95.68, marginally higher in early Asian trade.

After a stellar 2018, in which the greenback gained 4.3 percent due to the U.S. central bank hiking rates four times, investors now expect the Fed to halt its monetary tightening policy.

Market participants think that worries of slowing domestic and global growth as well as tame U.S. inflation will make Fed policymakers hesitant to raise borrowing costs in the world’s largest economy.

Fed Chairman Jerome Powell reiterated last week that the U.S. central bank has the ability to be patient on monetary policy given that inflation remains stable.

Data on Friday showed that U.S. consumer prices in December fell for the first time in nine months in December.

The euro fell around 0.1 percent to $1.1460. The single currency lost 0.3 percent on Friday after data showed that Italy, the euro zone’s third-largest economy, was at risk of recession.

The yen was at 108.40, marginally stronger versus the greenback.

The British pound gained 0.15 percent to $1.2861 at the start of what is expected to be a highly volatile week.

Prime Minister Theresa May must win a vote in parliament on Tuesday to get her Brexit deal approved or risk a chaotic exit for Britain from the European Union. The numbers are not in May’s favor and her chances of winning the vote look extremely slim.

“The market is widely expecting the vote not to pass through parliament. Upside in sterling looks capped at $1.2940,” added CMC’s McCarthy.

Paul Ciana, the firm’s chief global technical strategist, highlighted the dollar versus the Chinese yuan on CNBC’s “”Futures Now” to show the strength of “risk on” (or high-yielding, risk-sensitive) assets. His big takeaway: The broader market rally has room to run because the dollar/yuan currency pair is in a downtrend. “We have a technical top in the U.S. dollar versus the Chinese yuan. The dollar versus the yuan has been trading at its weakest level since July. “We have a nice left shoulder,

His big takeaway: The broader market rally has room to run because the dollar/yuan currency pair is in a downtrend.

“We have a technical top in the U.S. dollar versus the Chinese yuan. Now, that’s a very important technical top to have because it means the dollar is weakening,” he said Thursday. “The lower that the exchange rate between the U.S. dollar and the Chinese Yuan comes down, the more it is a sign, per say, that the trade agreements between the U.S. and China are going well.”

The dollar versus the yuan has been trading at its weakest level since July.

“We have a nice left shoulder, head and right shoulder that formed. That neckline was broken just the other day right in here. We’re now legging down not to one, but to a second new low,” said Ciana.

Fed Chairman Jerome Powell reiterated on Thursday the U.S. central bank has the ability to be patient on monetary policy given that inflation remains stable. Fed Vice Chair Richard Clarida also struck a dovish tone, underscoring the central bank’s willingness to remain patient on the issue of raising rates. “The Fed Funds Rate is no longer accommodative but neutral, and more importantly, positive in real terms. In line with a more patient Fed, the U.S. dollar’ rise will become gentler,” said Phi

The dollar fell versus its major peers on Friday, as investors grew increasingly confident that the U.S. Federal Reserve may hit the pause button on monetary tightening this year.

Fed Chairman Jerome Powell reiterated on Thursday the U.S. central bank has the ability to be patient on monetary policy given that inflation remains stable. Markets are now pricing in no further rate hikes by the Fed this year.

“The market has almost priced in that the Fed will not be hiking rates any further. To get the dollar weaker, market now has to expect a rate cut…I don’t see that happening,” said Sim Moh Siong, currency strategist at Bank of Singapore.

Sentiment was still slightly cautious in Asian trade on a lack of concrete details from the United States and China on any progress in their trade dispute after a three-day meeting in Beijing. The two sides are more than halfway through a 90-day truce agreed by U.S. President Donald Trump and his Chinese counterpart Xi Jinping.

Traders still remain optimistic that a trade deal between the world’s largest economies will eventually materialize. U.S. Treasury Secretary Steven Mnuchin said late on Thursday that Chinese Vice Premier Liu He will “most likely” visit Washington later in January for trade talks.

Bank of Singapore’s Sim added that currencies such as the Australian dollar, a gauge of risk appetite, and the New Zealand dollar, are likely to see further gains if a U.S.-Sino trade deal is reached.

The Aussie dollar was last at $0.7201, gaining 0.2 percent versus the greenback, while the kiwi firmed 0.44 percent to $0.6808.

The dollar also fell 0.47 percent versus the offshore yuan to 6.7602. The yuan is now at its strongest since late July last year.

The dollar index fell by 0.17 percent to 95.37. The index has fallen around 2.2 percent since mid-December on expectations that a slowdown in growth, both in the United States as well as globally, will restrict the Fed from raising rates in 2019.

In 2018, the greenback outperformed its peers, gaining 4.3 percent as the Fed hiked rates four times on the back of a strong domestic economy, falling unemployment and rising wage pressures. This has caused traders to turn bearish on the dollar.

However, few analysts still forecast a rising dollar for this year.

“The Fed Funds Rate is no longer accommodative but neutral, and more importantly, positive in real terms. In line with a more patient Fed, the U.S. dollar’ rise will become gentler,” said Philip Wee, currency strategist at DBS in a note.

The euro gained 0.2 percent to $1.1519, after losing 0.4 percent of its value in the previous session. The single currency has been pressured by a slew of weaker-than-expected economic data, especially from France and Germany.

The European Central Bank is widely expected to remain accommodative in 2019, which should keep a lid on the single currency.

Elsewhere, sterling traded marginally firmer, fetching $1.2752 in early Asian trade with traders focused on the progress of Brexit.

British Prime Minister Theresa May must win a vote in parliament to get her Brexit deal approved or risk seeing Britain’s exit from the European Union descend into chaos. The vote is now due to take place on Jan. 15. The numbers are not in May’s favor and her chances of winning the vote look extremely slim.

The dollar weakened versus the Canadian dollar by 0.17 percent to C$1.3211. The greenback has lost 3.25 percent against the loonie over the last six sessions, with the commodity-linked currency bolstered by a rebound in oil prices.

The yen gained 0.3 percent against the dollar to 109.39 in Asian trade. The yen has strengthened for three straight weeks on investors’ lower appetite for risk. Traders expect the single currency to remain under pressure as both growth and inflation in the eurozone remain below the European Central Bank’s expectations. The euro lost 4.4 percent of its value versus the dollar in 2018. Commodity currencies such as the Canadian dollar weakened as oil prices fell on fears of slowing global demand.

Safe-haven currencies such as the yen rose against the dollar on Wednesday, as a cautious mood prevailed on the first trading day of the year on concerns over global growth, the U.S. government shutdown and a slower pace of Federal Reserve rate hikes.

The yen gained 0.3 percent against the dollar to 109.39 in Asian trade. Trading volumes remained light as global markets reopened after the New Year’s Day holiday. Japanese markets remain closed on Wednesday.

The yen has strengthened for three straight weeks on investors’ lower appetite for risk.

“It’s still difficult to be strongly positive given all the uncertainties. Hopefully, there will be progress on trade talks but the market is cautious and that’s benefiting the safe havens such as the yen,” said Sim Moh Siong, currency strategist at Bank of Singapore.

Fears of a global slowdown were aggravated on Wednesday by a survey showing China’s factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken.

With business conditions expected to get worse before they get better, China is expected to roll out more support measures in coming months on top of a raft of initiatives in 2018.

“This data confirms our view that the economy is weak and that stimulus needs to arrive quickly,” said analysts at ING in a note.

ING expects the Chinese government to speed up the delivery of infrastructure investment to support the economy, which will mainly be through projects governed by local governments.

The Australian dollar, whose fortunes largely depend on the Chinese economy to which Australia sends a bulk of its commodities, fell 0.5 percent to $0.7016.

The dollar gained 0.05 percent versus the offshore yuan at 6.8681.

While market participants remain concerned about the broader investment outlook, renewed hopes for a resolution to the U.S.-Sino trade dispute have provided some cause for optimism. On Sunday, U.S. President Donald Trump indicated that progress had been made toward a potential settlement of trade tensions which had plagued stock markets for much of 2018.

On Wednesday, the dollar index was relatively unchanged from Monday’s close, fetching 96.17.

Rising interest rates drove the dollar’s outperformance in 2018 with the Fed raising rates four times over the year, as unemployment remained at historically low levels and wage pressures rose.

However, the dollar has been under pressure in recent weeks as investors grow increasingly nervous about a slowdown in the U.S. economy and peak corporate earnings growth.

The U.S. 10-year Treasury yield fell by around 35 basis points over December to 2.69 percent as bond traders bet that the Fed would not be able to raise rates in 2019 due to slowing economic momentum.

The euro slipped 0.16 percent to $1.1446. Traders expect the single currency to remain under pressure as both growth and inflation in the eurozone remain below the European Central Bank’s expectations. The euro lost 4.4 percent of its value versus the dollar in 2018.

Elsewhere, sterling weakened by 0.15 percent to $1.2728. The British pound lost 5.5 percent versus the greenback last year due to Brexit woes.

With three months until the United Kingdom is due to leave the European Union, British Prime Minister Theresa May’s Brexit deal is floundering and traders expect sterling to remain under pressure.

Commodity currencies such as the Canadian dollar weakened as oil prices fell on fears of slowing global demand. The dollar gained 0.07 percent versus the loonie to C$1.3647.

The dollar edged lower in thin year-end trading on Monday, as increased risk appetite weighed on demand for safe haven currencies, but the greenback remained on pace for its strongest annual performance in three years. The dollar index, which tracks the greenback versus the euro, yen, sterling and three other currencies, was down 0.2 percent on Monday. “We still rather think the U.S. dollar may be peaking after spending much of the past year on the offense,” said Osborne. The British pound has l

The dollar edged lower in thin year-end trading on Monday, as increased risk appetite weighed on demand for safe haven currencies, but the greenback remained on pace for its strongest annual performance in three years.

The dollar index, which tracks the greenback versus the euro, yen, sterling and three other currencies, was down 0.2 percent on Monday.

“The U.S. dollar is heading into the end of the calendar year on the defensive as global stocks bearing in mind that some markets are done for the year already perk up following positive comments on U.S.-China trade from President Trump,” Shaun Osborne, chief FX strategist at Scotiabank in Toronto, said in a note.

Share and commodity prices rose worldwide as hints of progress on the Sino-U.S. trade standoff provided optimism in what has been a punishing end of year for markets globally.

Risk sentiment brightened slightly when U.S. President Donald Trump said he held a “very good call” with China’s President Xi Jinping on Saturday to discuss trade and claimed “big progress” was being made.

The two nations have engaged in a trade war for much of 2018, shaking world financial markets as punitive tariffs disrupted the flow of hundreds of billions of dollars worth of goods between the world’s two largest economies.

The persistent tensions have boosted safe-haven demand for the greenback this year as investors bet that the United States is in better shape than its rivals to weather a trade war.

For the year, the index was up 4.5 percent, its best yearly percentage gain since 2015.

While the dollar has been relatively stable going into the end of 2018 despite falling U.S. Treasury yields, concerns are growing over the dollar’s outlook.

Expensive valuation, a flagging equity boom, waning cash repatriation by U.S. companies, and the possibility that the U.S. Federal Reserve will not raise interest rates as many times as previously signaled pose a challenge for the greenback.

“We still rather think the U.S. dollar may be peaking after spending much of the past year on the offense,” said Osborne.

Sterling, which has been battered this year by Brexit woes, rose 0.32 percent to a three-week high. The British pound has lost about 6 percent of its value versus the dollar this year.

The Australian dollar, seen as a proxy for Chinese growth because of Australia’s export-reliant economy, was 0.04 percent higher.

The yen and the Swiss franc rose on Friday, as investors sought shelter in safe-haven assets due to renewed U.S.-China trade tensions and weaker-than-expected data in those two economies that revived global growth fears. In Asian trade on Friday, the yen added 0.4 percent against the dollar, while the Swiss franc tacked on 0.3 percent as renewed growth fears pushed investors back into safe havens. Financial markets are expecting U.S. growth to slow next year as the spillover effects from rising

The yen and the Swiss franc rose on Friday, as investors sought shelter in safe-haven assets due to renewed U.S.-China trade tensions and weaker-than-expected data in those two economies that revived global growth fears.

Reuters reported on Thursday that the Trump administration was considering an executive order in the new year to declare a national emergency that would bar U.S. companies from using products made by Chinese firms Huawei Technologies and ZTE.

“With the end of 90-day tariff moratorium looming ominously on the horizon, this announcement is yet another bump in the rocky path to a trade resolution,” said Stephen Innes, head of Asian trading at Oanda in a note.

Trade tension between the world’s two largest economies has been one of this year’s biggest risk factors, though Washington and Beijing on Dec. 1 agreed to a 90-day ceasefire in their tariff dispute while they try to negotiate a durable deal.

Markets remain skeptical whether the two sides can bridge their differences, which go beyond trade to intellectual property rights and other issues.

In Asian trade on Friday, the yen added 0.4 percent against the dollar, while the Swiss franc tacked on 0.3 percent as renewed growth fears pushed investors back into safe havens.

The anxiety in markets has helped these currencies this month put on 2.3 percent and 1.2 percent, respectively.

Currencies generally are trading in thin volumes, with year-end positioning adding to volatility.

The dollar index, a gauge of its value versus six major peers, fell by around 0.15 percent to 96.34, after losing 0.5 percent overnight.

Data showing consumer confidence at its weakest in more than three years in the United States, as well as an unexpected drop in industrial profits in China, provided a stark reminder to investors of the deteriorating global growth outlook.

That came just a day after a dramatic surge on Wall Street had given some respite to battered investor sentiment. Overnight, U.S. stocks ended higher in a volatile session.

In December, the Federal Reserve raised rates for the fourth time this year and it forecast two more rate hikes in 2019.

Financial markets are expecting U.S. growth to slow next year as the spillover effects from rising interest rates hit corporate profits and economic activity.

For this reason, the interest rate futures market is barely pricing in just one more hike in 2019 as many traders expect the Fed to pause on its monetary tightening path if economic data weakens in coming quarters.

“There are intensifying headwinds facing the US economy in 2019 – namely the lagged effects of higher borrowing costs, the stronger dollar, the fading support from the fiscal stimulus and weaker external demand at a time of rising trade protectionism,” said James Knightley, chief international economist at ING in a note.

“These factors will increasingly weigh on sentiment in 2019,” he said.

Oil prices have tumbled in recent months, which has kept commodity currencies such as the Canadian dollar under heavy pressure. The loonie changed hands at C$1.3620 and has lost 7.5 percent of its value versus the U.S. dollar this year.

Some analysts expect the Canadian dollar to strengthen if oil prices rebound in the new year.

“The Canadian dollar was the only currency that failed to benefit at year-end because of oil but as crude prices stabilize, so will the loonie,” said Kathy Lien, managing director of currency strategy at BK Asset Management in a note.

The euro gained 0.2 percent, fetching $1.1452. But the single currency has struggled this year due to weak euro zone data, low inflation and political risks. That has led to the European Central Bank maintaining ultra-low interest rates. The euro is on track for a loss of 4.5 percent versus the greenback this year.

So who’s the most important space entrepreneur? Photo courtesy Terry VirtsBranson’s enthusiasm for space tourism is similarly important, says Virts. But when it comes to Bezos, the founder of Amazon and currently the richest person alive, Virts says, “Jeff Bezos is the real deal. Lots rockets are going to be using it — government rockets, rockets launching telecom satellites and also people,” Virts tells CNBC Make It. “In the long run he’s going to really make an an impact on getting to the moon

These titans of entrepreneurship are ushering in a new generation of human spaceflight.

So who’s the most important space entrepreneur? “There are different levels of importance,” Terry Virts — a NASA astronaut who has spent seven months living in space, commanded the International Space Station and completed three spacewalks — tells CNBC Make It via Skype video conversation in Dec.

As far as getting the public excited about space, “Elon has done a great job with that,” Virts says. “[Musk] has lots of big visions.”

But when it comes to Bezos, the founder of Amazon and currently the richest person alive, Virts says, “Jeff Bezos is the real deal. His company is legit.”

In fact, says Virts, the BE-4 engine Blue Origin is building, “I think is going to be the most important rocket engine of the 21st century. Lots rockets are going to be using it — government rockets, rockets launching telecom satellites and also people,” Virts tells CNBC Make It.

“In the long run he’s going to really make an an impact on getting to the moon, getting people in space and and really impacting the 21st century space economy,” says Virts.

Together, the gaggle of elite space entrepreneurs’ companies are building the next generation of human spaceflight.

“Going back long term, the dollar versus the S&P as a ratio has a few significant bottoms that end up leading to a period where the dollar severely outperformed the S&P 500,” Ciana said on CNBC’s “Futures Now” on Thursday. For example, in 2000, the ratio found a bottom before the dot-com bust sent equities tumbling and the dollar soaring. It was a similar setup in 2008 and 2014-15, said Ciana, BofA’s chief global fixed income technical strategist. “What ends up happening in these time frames is

“Going back long term, the dollar versus the S&P as a ratio has a few significant bottoms that end up leading to a period where the dollar severely outperformed the S&P 500,” Ciana said on CNBC’s “Futures Now” on Thursday.

For example, in 2000, the ratio found a bottom before the dot-com bust sent equities tumbling and the dollar soaring. It was a similar setup in 2008 and 2014-15, said Ciana, BofA’s chief global fixed income technical strategist.

“Now we’re having another one right in here,” he added. “What ends up happening in these time frames is the dollar ends up outperforming while the S&P 500 of course underperforms. That means, buy dollar, sell stocks.”

The dollar fell against the yen on Thursday as growing investor aversion to riskier assets hit equities and pushed down U.S. Treasury yields. Global equity markets have been shaken and the dollar fell this week after an inversion in a part of the U.S. Treasury yield curve triggered market concerns about economic growth. U.S. Treasury yields fell, pressuring the dollar. “Lower Treasury yields are driving the dollar lower against the yen. The euro lost 0.42 percent to 127.85 yen, the Australian do

The dollar fell against the yen on Thursday as growing investor aversion to riskier assets hit equities and pushed down U.S. Treasury yields.

The U.S. currency dropped 0.45 percent to 112.68 yen, handing back its modest gains made overnight.

Global equity markets have been shaken and the dollar fell this week after an inversion in a part of the U.S. Treasury yield curve triggered market concerns about economic growth.

Adding to the jitters on Thursday was the arrest in Canada of a top executive of Chinese tech giant Huawei Technologies, fanning fears of a flare-up in tensions between China and the United States just as the two sides are supposed to be resuming trade negotiations.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 1.93 percent and Japan’s Nikkei lost more than 2 percent.

U.S. Treasury yields fell, pressuring the dollar.

“Lower Treasury yields are driving the dollar lower against the yen. It is difficult to pinpoint how much funds investors have transferred from equities to bonds in the recent risk aversion and it is too early to call a bottom for Treasury yields,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

The 10-year Treasury yield last stood at 2.8829 percent.

Signals from the Federal Reserve last week that it may be nearing an end to its three-year rate hiking cycle have helped trigger the slide in Treasury yields.

The spread between the two-year and five-year Treasury yields inverted this week and the two-year/10-year spread was at its flattest in more than a decade amid a sharp fall in long-term rates.

A flatter curve is seen as an indicator of a slowing economy, with lower longer-dated yields suggesting a potential recession down the road.

“The dollar could remain under pressure until this month’s Fed meeting as long-term Treasury yields may not be able to mount a rebound until the market sees the Fed’s stance on policy and the economy,” said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.

“The recent reaction to the U.S. yield curve inversion appears a little hysterical, but the dollar will not be given the all clear sign until the Fed meeting is hurdled.”

Fed policymakers are still widely expected to raise interest rates again at their Dec 18-19 meeting, but the market focus is on how many rate hikes will follow in 2019.

The yen, often sought in times of market unrest, made strides against other peers as well.

The euro lost 0.42 percent to 127.85 yen, the Australian dollar slumped 1.02 percent to 81.44 yen and the pound fell 0.55 percent to 143.33 yen.

The euro was little changed at $1.1346 after retreating from this week’s high of $1.1419 scaled on Tuesday.

The Australian dollar, sensitive to swings in risk sentiment, was down 0.58 percent at $0.7226.

The Aussie was already on a shaky footing after shedding nearly 1 percent the previous day on weaker-than-expected third quarter Australian gross domestic product data.

The pound was a shade lower at $1.2723.

Sterling had sunk to a 17-month low of $1.2659 at one point on Tuesday after parliamentary setbacks for Prime Minister Theresa May.

The dollar slipped in Asia on Tuesday as U.S. Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes. The U.S. 10-year Treasury yield fell to 2.94 percent on Tuesday, its lowest level since mid September. “Falling U.S. yields are a negative for the dollar, especially versus the major currencies,” said Rodrigo Catril, senior currency strategist at NAB. Catril added that U.S. Treasury yields are near crucial technical

The dollar slipped in Asia on Tuesday as U.S. Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes.

The weakness in the dollar comes against the backdrop of a temporary truce in the US-China trade conflict, which has bolstered investor confidence in riskier currencies versus the safe-haven greenback.

The U.S. 10-year Treasury yield fell to 2.94 percent on Tuesday, its lowest level since mid September. The difference in yield between the U.S. 2-year and 10-year tightened to its smallest since July 2007.

The two-10-year yield curve is a key focus for investors as an inversion is seen as predictor of a U.S. recession. A yield curve is said to be inverted when yields on longer-dated maturity bonds are lower than shorter-dated maturity bonds.

“Falling U.S. yields are a negative for the dollar, especially versus the major currencies,” said Rodrigo Catril, senior currency strategist at NAB.

Catril added that U.S. Treasury yields are near crucial technical support levels, a break of which could add further pressure on U.S. yields and the dollar.

The dollar index, a gauge of its value versus six major peers, was off 0.23 percent at 96.8.

The dollar had been supported for most of 2018 by a robust U.S. economy and a relatively hawkish Fed, which is widely expected to raise its policy interest rate later this month.

Markets have priced in an 87 percent probability of a rate hike at the Fed’s Dec. 18-19 meeting.

The dollar came under pressure last week when the market took comments from Fed Chair Jerome Powell as signalling a slower pace of rate hikes.

A more dovish tone from the Fed last week has led markets to question how many times the central bank will hike rates in 2019.

“Given data remains strong, we think the Fed will hike twice in 2019 and that’s more than what the market is pricing in right now…we remain moderately bullish on the dollar,” said Nick Twidale, chief operating officer at Rakuten Securities.

Currencies such as the Chinese yuan, which were battered in the US-China trade war, are expected to trade stronger versus the greenback in the coming weeks as investor sentiment improves.

The dollar fell 0.5 percent against the offshore yuan to 6.8375. On Monday, it lost 1.07 percent, its steepest percentage fall since Aug. 25.

“For now, it seems China has got the best out of G20 and we expect the yuan to remain supported,” added Twidale.

However, he warned that markets need to see a further easing in trade tensions for the risk-on rally to continue.

The Australian dollar gained 0.3 percent in Asian trade at $0.7376. The Reserve Bank of Australia kept its policy cash rate unchanged on Tuesday in a widely expected move.

The yen traded at 113.13 to the dollar, with the greenback losing 0.4 percent versus the Japanese currency.

Elsewhere, sterling was gained 0.2 percent to trade at $1.2744 due to broad dollar weakness. On Monday, the pound fell below $1.27 for the first time since Oct. 31.

Sterling has posted losses for three consecutive weeks as traders bet that British Prime Minister Theresa May will not be able to pass her Brexit deal through parliament on Dec. 11.